/s/ J.J.FITZSIMMONS

Exhibit 1(a)

PRICING AGREEMENT

September 25, 2003                

J.P. Morgan Securities Inc.

Credit Suisse First Boston LLC

As Representatives of the several

Underwriters named in Schedule I hereto

c/o J.P. Morgan Securities Inc.

270 Park Avenue

New York, NY 10017

Dear Sirs:

WAL-MART STORES, INC., a Delaware corporation (the “Company”), proposes, subject to the terms and conditions stated herein and in the Underwriting Agreement, dated February 18, 2003, (the “Underwriting Agreement”), between the Company, on the one hand, and you, as parties deemed to be a signatory to the Underwriting Agreement with respect to the issuance and sale of the Designated Securities contemplated hereby, on the other hand, to issue and sell to the Underwriters named in Schedule I hereto (the “Underwriters”) the Securities specified in Schedule II hereto (the “Designated Securities”).

Each of the provisions of the Underwriting Agreement is incorporated herein by reference in its entirety and shall be deemed to be a part of this Agreement to the same extent as if such provisions had been set forth in full herein; and each of the representations and warranties set forth therein shall be deemed to have been made at and as of the date of this Pricing Agreement, except that each representation and warranty that refers to the Prospectus in Section 2 or 3 of the Underwriting Agreement shall be deemed to be a representation or warranty as of the date of the Underwriting Agreement in relation to the Prospectus (as therein defined), and also a representation and warranty as of the date of this Pricing Agreement in relation to the Prospectus as amended or supplemented relating to the Designated Securities that are the subject of this Pricing Agreement. Each reference to the Representatives herein and in the provisions of the Underwriting Agreement so incorporated by reference shall be deemed to refer to you. Unless otherwise defined herein, terms defined in the Underwriting Agreement are used herein as therein defined.

A supplement to the Prospectus, relating to the Designated Securities, in the form heretofore delivered to you, is now proposed to be filed with the Commission.

Subject to the terms and conditions set forth herein and in the Underwriting Agreement incorporated herein by reference, the Company agrees to issue and sell to each of the Underwriters, and each of the Underwriters agree, severally and not jointly, to purchase from the Company, at the time and place and at the purchase price to the Underwriters set forth in Schedule II hereto, the principal amount of Designated Securities set forth opposite the name of such Underwriter in Schedule I hereto.

If the foregoing is in accordance with your understanding, please sign and return to us three counterparts hereof, and upon acceptance hereof by you, this letter and such acceptance hereof, including the provisions of the Underwriting Agreement incorporated herein by reference, shall constitute a binding agreement between each of the Underwriters and the Company.

2

For themselves and as Representatives of the several

Underwriters named in Schedule I hereto

3

SCHEDULE I

Schedule I

SCHEDULE II

TITLE OF DESIGNATED SECURITIES:

3.375% Notes Due 2008 (the “Notes”).

AGGREGATE PRINCIPAL AMOUNT:

$1,000,000,000.00.

PRICE TO PUBLIC:

99.622% of the principal amount of the Notes, plus accrued interest, if any, from October 2, 2003.

PURCHASE PRICE TO UNDERWRITERS, SELLING CONCESSIONS AND REALLOWANCE CONCESSIONS:

The purchase price to the Underwriters shall be 99.272% of the principal amount of the Notes, plus accrued interest, if any, from October 2, 2003; and the selling concession shall be 0.200% and the reallowance concession shall be 0.150%, in each case of the principal amount of the Notes.

SPECIFIED FUNDS FOR PAYMENT OF PURCHASE PRICE:

Immediately available funds by wire.

INDENTURE:

Indenture dated as of December 11, 2002, between the Company, as Issuer, and Bank One Trust Company, NA, as Trustee.

MATURITY:

October 1, 2008.

INTEREST RATE:

3.375% from and including October 2, 2003. Accrued and unpaid interest shall be payable semi-annually in arrears and shall be calculated on the basis of a 360-day year of twelve 30-day months.

In addition, the Company shall pay Additional Amounts to holders of the Notes as, and to the extent set forth under the caption “Description of the Notes—Payment of Additional Amounts” in the Prospectus Supplement dated the date hereof relating to the Notes.

INTEREST PAYMENT DATES:

April 1 and October 1 of each year, commencing on April 1, 2004.

SCHEDULE II – PAGE 1

INTEREST PAYMENT RECORD DATES:

March 15 and September 15 of each year, commencing on March 15, 2004.

REDEMPTION PROVISIONS:

No mandatory redemption provisions.

The Company may, at its option, redeem the Notes in whole, but not in part, as set forth under the caption “Description of the Notes—Redemption upon a Tax Event” in the Prospectus Supplement dated the date hereof relating to the Notes.

SINKING FUND PROVISIONS:

None.

OTHER PROVISIONS:

As set forth in the Prospectus Supplement dated September 25, 2003 (the “Prospectus Supplement”) to the Prospectus dated December 27, 2002 (the “Prospectus”).

TIME OF DELIVERY:

9:30 a.m. (New York City time) on October 2, 2003.

CLOSING LOCATION:

Simpson Thacher & Bartlett LLP

425 Lexington Avenue

New York, New York 10017

NAMES AND ADDRESSES OF REPRESENTATIVES:

SCHEDULE II – PAGE 2

ADDRESSES FOR NOTICES:

OTHER MATTERS:

SCHEDULE II – PAGE 3

(1) the names of the Underwriters on the front cover page of the Prospectus Supplement;

(2) the paragraph of text immediately preceding the caption “Table of Contents” in the Prospectus Supplement concerning stabilization, overallotment and related activities by the Underwriters.

(3) the first sentence of the second paragraph of text under the caption “Underwriting” in the Prospectus Supplement concerning certain terms of the offering by the Underwriters; and

(4) the third paragraph of text under the caption “Underwriting” in the Prospectus Supplement concerning stabilization, overallotment and related activities by the Underwriters.

SCHEDULE II – PAGE 4